Quick take
Since hitting a low of around $15,500 in November 2022, Bitcoin’s performance has been on a consistently upward trajectory. This growth culminated with new all-time highs in March 2024, marking a staggering 280% increase from its cycle low. However, the market has seen several healthy corrections during this uptrend.
In March 2023, Bitcoin saw a 22% decline, followed by a 20% correction that lasted from April to June 2023. Another 20% pullback occurred between July and September 2023. Post-launch of a Bitcoin ETF in January 2024, the market saw a correction of just over 20%. Most recently, Bitcoin fell 23% from its March 2024 high of around $73,000, reaching a low of around $56,500 in early May.
The current cycle low mirrors the recovery trajectory seen during the 2015/2018 cycle, with both reaching growth of around 280% at this point. Subsequently, this cycle went from its lowest point to over 11,000%. Compared to the low point of the 2018/2022 cycle, this cycle has rebounded by around 190% at this point. Looking ahead, the 2018/2022 cycle peaked around 2,000% higher than its low point. These indicators bode well for the current Bitcoin cycle.
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